Standard Chartered has signed a strategic partnership with Alibaba Cloud to integrate advanced artificial intelligence technologies into its banking operations, aiming to enhance customer experience, streamline risk management, and boost overall efficiency.
Announced on Tuesday, the Memorandum of Understanding names Alibaba Cloud as Standard Chartered’s strategic partner for AI solutions.
The collaboration will focus on deploying AI-powered tools in customer engagement, sales intelligence, compliance automation, and internal upskilling, reinforcing the bank’s ongoing digital transformation efforts.
The bank will also support Alibaba Group’s global development through a range of customised financial services, including cross-border fund management, supply chain financing, and capital markets access. Both parties plan to expand their cooperation in sustainable finance and development initiatives.
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Bill Winters, Group Chief Executive of Standard Chartered, said: “We are investing heavily in cutting-edge technologies like AI, which are transforming our own business model and reshaping the future of finance. I am excited to build on our existing relationship with Alibaba Group – a global leader in AI and other areas including e-commerce and retail – and advance our shared commitment to transformative innovation. By combining Alibaba Group’s technological prowess with our financial expertise, we look to harness the full potential of AI technologies to advance on our innovation agenda while also creating long-term value for our clients, colleagues, and communities.”
Eddie Wu, CEO of Alibaba Group, added: “From education to healthcare and scientific research, AI has already shown its potential to drive transformational change. We are thrilled to partner with Standard Chartered, a global leader in financial services, to shape the transformation in the financial sector. Through this strategic alliance, we will combine Alibaba’s technological expertise with Standard Chartered’s deep industry knowledge to unlock new possibilities.”
About Alibaba Group
The goal of Alibaba Group is to facilitate business transactions everywhere. Building the future commerce infrastructure is the company’s goal. Alibaba aspires to be a successful business that endures for 102 years, and its customers will meet, work, and live there.
About Standard Chartered
One of the top global banking groups, Standard Chartered is present in 53 of the most vibrant markets on earth. Its distinctive diversity serves as a catalyst for trade and prosperity, and its heritage and values are embodied in its brand promise, “here for good.”
It is an international bank that links corporate, institutional, and wealthy customers to a network that provides special access to chances for long-term growth in Asia, Africa, and the Middle East.
The stock exchanges in Hong Kong and London both list Standard Chartered PLC.